Watch these Frank Kern videos on how to become rich.
Becoming a millionaire isnít all that difficult and there are countless ways to achieve that milestone. Some people do it through real estate, others start their own business, while some simply get lucky by winning the lottery or winning big on a game show. What is even more interesting is that you donít have to be wealthy to begin with nor do you have to earn six figures to reach this goal.
I know some people who earn well over $100,000 and all they have to show for it is a large mortgage payment and a fancy car that depreciates faster than a glass of milk left outside in the summer sun. Anyone can become a millionaire and there are five things you need to do to have the best shot of making that a reality.
1. Earn Income.
Clearly, the more money you make, the faster you can reach that milestone, but that doesnít mean your average Joe with a average income canít obtain millionaire status. The current median income in this country ranges between $35,000-$60,000 depending on where you live. Better yet, get married so you have dual incomes. The wonderful thing about having dual incomes is that even with two people in the household, your income may double, but your expenses typically donít.
2. Live Within Your Means.
Ok, so you have income but now what? It doesnít matter how much money you make if you spend it all or spend even more than you make. It might be nice to eat out at nice restaurants every night, or to always be on the cutting edge of designer fashion but, this will only make you look like millionaire to others instead of actually being a millionaire. This doesnít mean you have to live a miserable and miserly lifestyle, but you simply need to live reasonably. The bottom line is buying things and acting like a millionaire if you arenít will simply empty your bank account and give people a false impression of your status, but thatís it.
3. Save Money.
This isnít rocket science but if you earn a reasonable income and you live within your means, guess what, you will probably have money left over to save. But thatís exactly the problem. Most people treat savings as an afterthought, or something that only gets attended to after all the other bills are paid. People pay bills, buy things, and then whatever is leftover they try to save. That is the wrong way to save. Iím sure youíve heard it before, but pay yourself first. Whether it is $100 a month or $1,000 a month, think of the savings as a bill that needs to be paid and do it regularly. If you are unable to save money you will find that your only wealth is in the form of material things. So, you need to start saving every month and you need to make it happen automatically. An online savings account can accomplish this for you, and on top of that youíll be earning better interest on that money than you would be at your local bank. Start saving today with a high-yield savings account.
4. Invest Wisely.
Now that you are saving money, you need to invest it wisely. Sticking it under the mattress or slowly building up in a savings account isnít going to help you reach your goals any faster. You donít have to read the Wall Street Journal or watch CNBC everyday while actively managing your portfolio in order to be a good investor. Some of the best investment advice is to simply invest regularly and in a diversified portfolio. If you do this youíll already be doing more than most people and on your way to building wealth.
5. Stick With Your Plan.
Finally, if you have done the previous four items the only thing left to do is to continue doing it and stick to the plan. As far as income is concerned, always be on the lookout for ways to increase your income, whether it is through climbing the ladder at your current job, finding work elsewhere, or maybe even starting a business on the side. Increased income will mean you can save even more, provided you arenít foolishly spending the additional money. As that additional money gets tucked away into savings or investments it will continue to grow even more quickly.
So watch these Frank Kern videos on how to become rich.